The owner now states he wants to close the second week of April or he is going to list the home and sell the home. I have reciepts where I have already paid this man $7500.00 down towards this property and currently reside in the home. Can he do this? What can I do?
2007-01-18 10:27:51 · 2 answers · asked by JAMES L 1 in Business & Finance ➔ Renting & Real Estate
This makes no sense on the current owners part. If he lists and an offer comes right away, in he will be closing sooner than your deal. You need to record your interest in the property as that will protect your vested equity. You can always amend the agreement to extend closing to on or before April 15. You are currently under a delayed closing type of contract so it is unlikely he can do this. Unless you are in non-compliance of your lease agreement even if he could sell it, your safe until a new owner gives you notice to vacate. That cannot occur until your original lease expires. The owner needs to display a bit more intelligence or he might risk being construed as mentally incompetent of signing documents when you do close. Kudos's to you for having your agreement notarized, that doesn't necessarily make it legally bulletproof, but does bear witness to its genuineness.
2007-01-20 18:21:45 · answer #1 · answered by Kevin H 4 · 0⤊ 0⤋
Record it with the country recorder. That is very important on a lease option. That will state you have an interest in the property and place a cloud on title which will prevent the owner from selling it out from under you.
2007-01-18 10:41:31 · answer #2 · answered by RN 2 · 1⤊ 0⤋